Money and business
Urgent: Al -Hogail: Pumping 360 thousand housing units to balance the supply and demand in Riyadh
Detect , Majid Al -Hogail, on a plan to address the gap between supply and demand in , stressing that Riyadh needs to pump 360 thousand additional housing units." Housing program targets to cover the ownership rates, and addresses the challenges faced by the rental market in the city. The government, that this step will contribute directly to the organization of the , and achieving a balance between the interests of all parties, in a way that enhances the Kingdom’s attractiveness to live and invest. />
The cost of housing in Saudi Arabia pointed out that this rise has negatively affected the cost of housing compared to the income of the citizen, which necessitated intervention through new policies aimed at reducing cost, encouraging investment, and expanding options for citizens and investors alike. The investor, and supports the sustainability and growth of the real estate sector, which has become a major driver in the national economy. A related context, the minister touched on the white land fees system, stressing that it is one of the basic directives issued to enhance the supply of the developed lands. The executive regulations were approved after 90 days, and the targeted geographical domains and registration dates were identified. 40% of the target landowners have already registered, which reflects the seriousness of citizens in interacting with this program, which aims to stimulate development and not the collection of fees. Between 50 to 60 thousand units annually, while the National Housing Company works to add between 30 to 40 thousand units, and the Crown Prince’s directives will contribute to pumping additional units through the Royal Commission for the city of Riyadh in enhancing the required balance. And 2025. Therefore, the new controls were necessary to restore the index to its natural course and ensure stable growth during the next five years. />
and emphasizing that the increase in supply is the basis for all this plan. He also revealed another program to support families whose members spend more than 30% of their housing income, to ensure that this category is the least damaged. Balance for the real estate market. - For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Twitter
Follow Us
